Discretionary Commission Arrangements - Compaints and refunds



Who are Everyday Loans?

Everyday Loans is a trading style of Everyday Lending Limited, an independent personal loans lender based in the UK. They lend from £1,000 up to £15,000 over a minimum term of 18 months up to 60 months, at a Representative APR 99.9%.

Everyday Loans advertise their willingness to loan to those who have “struggled with credit in the past”. They clarify this stating that they are still open and willing to lend to those who have a history of poor credit, such as evidence of missed repayments on past loans.

Everyday Loans also offer unsecured loans, meaning that customers do not need to offer security, for example a house or car, as a fall-back method of payment.

These factors could seem to many like the perfect quick cash injection; however, the company’s loans don’t come without a significant interest rate.

What are some problems with Everyday Loans?

Everyday Loans function in a semi-face-to-face fashion, with an initial in-person interview set in place to approve their loans to customers. The approach reflects the way they claim to function on their company site, thoroughly checking customers credit history to make sure they are being diligent in ascertaining who they can loan to. However, many customers claim that clear indicators of their financial instability, history of unfulfilled loans, and ongoing money troubles are overlooked. Customers claim they were not made aware of the “eye watering interest rates” they would be made to pay.  When borrowing from Everyday Loans, if borrowing over 24 months, you can expect to nearly double your debt, with an example loan of £3000 potentially setting you back £5706. Large repayment can come as a surprise to many customers, many of them claiming they were unaware of how much they would end up owing Everyday Loans, calling it “daylight robbery”, and the debt “crippling”.

The Financial Ombudsman Service states that lenders must undertake full due diligence when assessing whether a customer should be offered a personal loan. In cases where Everyday Loans has not been fully compliant with these lending standards, Redbridge Finance can work with you to work towards clearing the debt and levelling the playing field with this lender.

Can Everyday Loans negatively affect my credit rating?

Yes, Everyday Loans do have the ability to negatively affect your credit rating. Despite the fact that Everyday Loans practices soft credit checks that won’t leave a mark on your credit history, they are a loans company and have the right to provide information regarding your loan to credit check companies. If you consistently fail to repay your loan on time and or the full amount, this can dramatically and negatively affect your credit score. One customer claims their credit rating dropped a staggering 90 points after taking out a loan with Everyday Loans.

Everyday Loans celebrate their flexible and versatile loans, emphasising their ability and willingness to loan to those who have a poor credit score, and state that they aim to help customers build their credit score. When taking out these loans it is important to consider that this will only be possible if you can be completely confident in your ability to always pay back your loan repayments in full and on time.

Loans for those with lower credits scores can appeal to those wishing to escape overdraft fees, or an overdrawn bank account. Although these charges can seem daunting and are always best to try and avoid, taking out a loan in order to top up your account can often lead to debt and repayment far larger than those charges. It is always important to fully consider the cost of a loans repayment before applying. Customers of Everyday Loans have complained, claiming they did not realise the debt they were letting themselves in for when applying for their loan, so being in the know about the total value of your repayment is incredibly important.

Issues faced by Everyday Loans’ customers, and why you should avoid them.

  • Customers have said that the contract they entered into with Everyday Loans put them in a worse financial position than they began with. They felt their loan’s interest rate put them in considerable debt, and they found it even more difficult to escape from their debt.
  • Many customers complain about constant harassing and threatening emails, calls and letters regarding repayment of debt from Everyday Loans.
  • Customers claim they found themselves in a cycle of taking out even more loans to repay their debt to Everyday Loans, pushing them further and further into debt.

Does Everyday Loans have the right to chase me for my loan repayments?

Yes, in the case that you fall behind in the debt repayment to Everyday Loans, they can legally chase you for repayment. However, they cannot send correspondence of a threatening, harassing, or bullying nature. Many customers of Everyday Loans claim to face constant and upsetting harassment from the company, and this level of chasing will not be, and is not tolerated.

If you are in debt to Everyday Loans and choose to ignore their correspondence, they can take legal action against you. This is why it is important that as soon as you find yourself unable to repay your loan from Everyday Loans, you take action.

How can Redbridge Finance help me with my loan?

We can help you discover whether you have a viable refund claim against Everyday Loans. If you have taken out a loan with Everyday Loans and feel you were mis-sold their service, or that they agreed to a loan when it was clear that you were not in a financial position to repay, then we can help.

Our team of claims experts work to take on your mis-sold loan cases and claim for a full refund of interest and charges charged to you by Everyday Loans. To make a claim against Everyday Loans is easy and simple. To get started, all you need to do is sign up on the Redbridge Finance site and let us know which lender you want to claim against. Provide us with some information about your loan, and we do the rest. We make a claim on your behalf, and deal with all responses from Everyday Loans. We take the stress and confusion out of your claim, while still keeping you updated on your cases progression every step of the way.

If you think you have been mis-sold your loan, or you are struggling to repay growing dept, you could be entitled to a refund. Contact us by signing up on www.redbridgefinance.co.uk, and we will assess if you could be entitled to a refund.